EMCORE (NASDAQ:EMKR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $4.75 target price on the semiconductor company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.85% from the company’s previous close.
According to Zacks, “EMCORE Corporation offers a broad portfolio of compound semiconductor- based products for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE’s Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television and fiber-to-the-premises. EMCORE’s Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide solar cells, Covered Interconnect Cells and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar power concentrator systems. “
Several other research analysts also recently commented on EMKR. B. Riley downgraded shares of EMCORE from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $6.00 to $5.75 in a report on Friday, November 9th. Lake Street Capital set a $6.00 target price on shares of EMCORE and gave the stock a “buy” rating in a report on Thursday, December 6th. Finally, ValuEngine upgraded shares of EMCORE from a “sell” rating to a “hold” rating in a report on Monday, November 26th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $5.38.
EMCORE (NASDAQ:EMKR) last released its quarterly earnings data on Wednesday, February 6th. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). EMCORE had a negative net margin of 26.77% and a negative return on equity of 15.85%. The business had revenue of $24.00 million during the quarter, compared to analyst estimates of $24.01 million. Research analysts forecast that EMCORE will post -0.31 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in EMKR. Virtu Financial LLC bought a new position in EMCORE in the 4th quarter worth $46,000. Perritt Capital Management Inc. bought a new position in EMCORE in the 4th quarter worth $214,000. Prudential Financial Inc. raised its holdings in EMCORE by 17.0% in the 3rd quarter. Prudential Financial Inc. now owns 66,900 shares of the semiconductor company’s stock worth $317,000 after acquiring an additional 9,700 shares during the period. JPMorgan Chase & Co. raised its holdings in EMCORE by 32.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 127,933 shares of the semiconductor company’s stock worth $608,000 after acquiring an additional 31,218 shares during the period. Finally, California Public Employees Retirement System raised its holdings in EMCORE by 7.5% in the 4th quarter. California Public Employees Retirement System now owns 153,472 shares of the semiconductor company’s stock worth $645,000 after acquiring an additional 10,691 shares during the period. Hedge funds and other institutional investors own 64.37% of the company’s stock.
EMCORE Corporation, together with its subsidiaries, provides advanced mixed-signal optics products in California. It offers broadband products comprising cable television; laser, receiver, and photodetector component products; radio frequency over glass FTTP products; satellite/microwave communications products; and wireless communications products.
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